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Guess to Bring Back Carlos Alberini as CEO, Retain Paul Marciano “At Will”

Carlos Alberini is coming back to Guess?, Inc. And this time he’ll be at the helm.

The company announced Monday that its current CEO, Victor Herrero, will step down from his position, effective Feb. 2. and Alberini, who is currently serving as CEO of Lucky Brand will take over once he’s separated from Lucky. Alberini will also take on a role as a director, and Maurice Marciano, co-founder and current chairman of the board at Guess, will serve as CEO during the transition.

It will be Alberini’s second stint at Guess—from 2000 to 2010, he was president and chief operating officer at the company.

Herrero, who joined Guess in 2015 after a 12-year stint with Inditex as the head of its Asia-Pacific division, will also be stepping down from his position as a director on the company’s board.

“On behalf of the board of directors, I want to thank Victor for his contributions during his tenure and wish him well in his endeavors,” Marciano said in a statement.

Regarding Alberini coming back on board, Marciano said, “I am very excited to have Carlos coming back as CEO at GUESS, Inc. He was instrumental in building the international business in Europe and Asia during his 10-year tenure with the company.”

Alberini has operated as the CEO of Lucky Brand since 2014 and was the co-CEO of Restoration Hardware from 2010 to 2014.

This latest change in leadership comes after a period of uncertainty at the top of Guess Inc. Along with the news of the new hire came an announcement from Guess that it will be keeping Paul Marciano on as the chief creative officer, saying his employment will be “at will.” Last week, Guess released a new ad campaign for its women’s wear offshoot that it said was directed by Paul Marciano.

Paul Marciano stepped down from his post as executive chairman seven months ago over sexual harassment and assault allegations.

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Guess shares had fallen more than 15 percent at publication time since the announcement of Alberini’s appointment.

As far as Lucky Brand, it has already begun the search for a new head, creating an “Office of the CEO” that will be comprised of its chief financial officer, chief operating officer and acting chief product officer, who will collectively manage operations as the company works to “establish permanent leadership.”

“On behalf of the board of directors, I want to thank Carlos for his leadership of Lucky Brand. I am also thrilled with the partnership and alignment of the exceptional executives in the Office of the CEO, and I am confident that they and the entire Lucky Brand team will successfully lead the company as it continues to execute its strategy,” Michael Kirton, principal at Lucky Brand holding company Leonard Green & Partners, L.P., said in a statement.